French outlet specialist Pantheon Retail has signed a joint venture agreement with UK property companies Kenmore and Revcap for the development of the new 'Parc du Cubzac' retail outlet in Gironde, southern France.

French outlet specialist Pantheon Retail has signed a joint venture agreement with UK property companies Kenmore and Revcap for the development of the new 'Parc du Cubzac' retail outlet in Gironde, southern France.

The first retail outlet of its kind in the south of France, Parc du Cubzac has already attracted many top international brands with 20% signed leases in place and commitments on a further 30%. Pantheon will be responsible for the development, leasing and management of Parc du Cubzac.

Parc du Cubzac is just 25 km north of Bordeaux - one of the world’s premier wine growing districts - in a region attracting over three million visitors per annum. The retail outlet will cover a total area of 18 ha. About 13,050 m2 is due for completion in the first development phase, which will open in the second half of 2008. The overall project will offer approximately 33, 500 m2 of gross lettable area, 130 shops, four cafes and restaurants as well as children's play area and 1,500m2 dedicated to a national visitor attraction for the promotion of local tourism and wine making facilities of the Bordeaux region.

'Parc du Cubzac represents a major growth opportunity for Pantheon and significantly increases our strength and presence in Europe. After lengthy approval processes in France, the agreement with Kenmore and Revcap finally gives us the go-ahead to commence work on this very exciting and unique project,' said Francois Moss, MD Development for Pantheon.

Kenmore Property Group, a Scottish-based family owned business founded in 1986, has been particularly active since January 2006 in Europe where it has seen its European portfolio grow from £227 mln to £880 mln.

Revcap is an independent real estate co-investor currently invested in diversified real estate assets across northern and western Europe. Pantheon Retail is one of Europe's leading outlet specialists and asset management companies.